General features of KÜMİ FRS (Financial Reporting Standard for Small and Micro Entities)
The general features of KÜMİ FRS can be summarised as follows:
It consists of 22 sections and 104 pages.
The "think small first" approach of the EU Directive has been retained, and KÜMİ FRS has been designed to be less costly for preparers than TFRS and BOBİ FRS (Turkish GAAP for SMEs).
It generally adopts a cost-based approach.
It includes financial statement formats and a glossary of terms.
It is consistent with international accounting and financial reporting practice.
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This publication is for general information only and is not a substitute for professional advice.